Alphabet Inc. (NASDAQ:GOOGL) Shares Sold by Granite Investment Partners LLC

Granite Investment Partners LLC decreased its position in Alphabet Inc. (NASDAQ:GOOGL – Get Rating) by 5.9% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 80,825 shares of the information services provider’s stock after selling 5,095 shares during the quarter. Granite Investment Partners LLC’s holdings in Alphabet were worth $7,731,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in GOOGL. Bornite Capital Management LP purchased a new position in Alphabet in the first quarter valued at approximately $16,688,000. Markel Corp increased its stake in Alphabet by 17.0% in the first quarter. Markel Corp now owns 15,500 shares of the information services provider’s stock valued at $43,110,000 after purchasing an additional 2,250 shares during the last quarter. United Bank increased its stake in Alphabet by 5.9% in the first quarter. United Bank now owns 2,033 shares of the information services provider’s stock valued at $5,654,000 after purchasing an additional 113 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its stake in Alphabet by 23.4% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 323,918 shares of the information services provider’s stock valued at $900,929,000 after purchasing an additional 61,427 shares during the last quarter. Finally, Dakota Wealth Management increased its stake in Alphabet by 20.4% in the first quarter. Dakota Wealth Management now owns 9,279 shares of the information services provider’s stock valued at $25,806,000 after purchasing an additional 1,570 shares during the last quarter. Institutional investors and hedge funds own 34.06% of the company’s stock.

Alphabet Trading Down 0.4 %

NASDAQ:GOOGL opened at $91.13 on Friday. The company has a market capitalization of $1.18 trillion, a PE ratio of 18.10, a price-to-earnings-growth ratio of 1.53 and a beta of 1.09. The stock has a fifty day simple moving average of $92.71 and a 200-day simple moving average of $102.37. Alphabet Inc. has a 52-week low of $83.34 and a 52-week high of $151.55. The company has a quick ratio of 2.47, a current ratio of 2.52 and a debt-to-equity ratio of 0.06.

Alphabet (NASDAQ:GOOGL – Get Rating) last posted its quarterly earnings data on Tuesday, October 25th. The information services provider reported $1.06 EPS for the quarter, missing analysts’ consensus estimates of $1.25 by ($0.19). The company had revenue of $57.27 billion for the quarter, compared to analysts’ expectations of $58.36 billion. Alphabet had a return on equity of 26.41% and a net margin of 23.75%. During the same quarter in the prior year, the business posted $1.40 EPS. On average, equities research analysts expect that Alphabet Inc. will post 4.68 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several brokerages have commented on GOOGL. StockNews.com started coverage on shares of Alphabet in a research note on Wednesday, October 12th. They issued a “hold” rating on the stock. Susquehanna Bancshares lowered their target price on shares of Alphabet from $150.00 to $120.00 and set a “positive” rating on the stock in a research report on Wednesday, October 26th. Sanford C. Bernstein lowered their target price on shares of Alphabet from $130.00 to $120.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 26th. Susquehanna lowered their target price on shares of Alphabet from $150.00 to $120.00 and set a “positive” rating on the stock in a research report on Wednesday, October 26th. Finally, KeyCorp lowered their target price on shares of Alphabet from $125.00 to $120.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 25th. Five analysts have rated the stock with a hold rating, thirty-two have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $132.00.

Insider Buying and Selling

In related news, major shareholder 2019 Gp L.L.C. Gv acquired 800,000 shares of the company’s stock in a transaction that occurred on Monday, October 24th. The stock was purchased at an average price of $17.00 per share, for a total transaction of $13,600,000.00. Following the transaction, the insider now owns 11,522,248 shares in the company, valued at approximately $195,878,216. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other Alphabet news, major shareholder 2019 Gp L.L.C. Gv purchased 800,000 shares of the stock in a transaction on Monday, October 24th. The stock was bought at an average price of $17.00 per share, for a total transaction of $13,600,000.00. Following the acquisition, the insider now directly owns 11,522,248 shares of the company’s stock, valued at $195,878,216. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Ann Mather sold 280 shares of Alphabet stock in a transaction dated Tuesday, October 25th. The shares were sold at an average price of $103.23, for a total value of $28,904.40. Following the completion of the sale, the director now owns 11,200 shares of the company’s stock, valued at approximately $1,156,176. The disclosure for this sale can be found here. In the last quarter, insiders purchased 1,461,702 shares of company stock worth $36,999,217 and sold 190,744 shares worth $8,564,640. 11.44% of the stock is currently owned by company insiders.

Alphabet Company Profile

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Alphabet Inc provides various products and platforms in the United States, Europe, the Middle East, Africa, the Asia-Pacific, Canada, and Latin America. It operates through Google Services, Google Cloud, and Other Bets segments. The Google Services segment offers products and services, including ads, Android, Chrome, hardware, Gmail, Google Drive, Google Maps, Google Photos, Google Play, Search, and YouTube.